Why Americans Still Can't Hold on to Their Money

Going Broke: Why Americans (Still) Can't Hold On To Their Money

by Stuart Vyse

5 out of 5

Language	:	English
File size	:	3776 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	338 pages
Lending	:	Enabled

FREE

Americans are notoriously bad at saving money. In fact, according to a recent survey by the National Foundation for Credit Counseling, nearly two-thirds of Americans have less than $1,000 in savings. This is a problem, because unexpected expenses can quickly derail even the most well-laid financial plans. Without an emergency fund, Americans are forced to rely on credit cards or loans, which can only lead to more debt.

So why are Americans so bad at saving money? There are a number of factors that contribute to this problem, including:

• Lack of financial education. Many Americans don't have the basic financial literacy skills they need to make sound financial decisions. They don't understand how to budget, how to invest, or how to avoid debt.
• Too much debt. Many Americans are carrying too much debt, which makes it difficult to save money. The average American household has more than $15,000 in credit card debt.
• Lifestyle inflation. As Americans earn more money, they tend to spend more money. This lifestyle inflation makes it difficult to save money, even for those who are earning a good income.

The good news is that it is possible to break the cycle of debt and start saving money. Here are a few tips:

• Create a budget. The first step to saving money is to create a budget. This will help you track your income and expenses, so you can see where your money is going. Once you know where your money is going, you can start making changes to save more.
• Reduce your expenses. Once you have a budget, you can start looking for ways to reduce your expenses. This could include cutting back on unnecessary spending, negotiating lower interest rates on your debts, or finding cheaper alternatives to your current expenses.
• Increase your income. If you're struggling to save money, you may need to increase your income. This could include getting a part-time job, starting a side hustle, or asking for a raise at your current job.
• Seek professional help. If you're struggling to get out of debt on your own, you may need to seek professional help. A credit counselor can help you create a budget, negotiate with creditors, and develop a plan to get out of debt.

Saving money isn't always easy, but it is possible. By following these tips, you can break the cycle of debt and start saving money for the future.

Going Broke: Why Americans (Still) Can't Hold On To Their Money

by Stuart Vyse

5 out of 5

Language	:	English
File size	:	3776 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	338 pages
Lending	:	Enabled

FREE